London: Global crude oil prices recorded a sharp decline amid growing optimism over a possible agreement between the United States and Iran, reinforcing the bearish trend in international energy markets.
According to the latest market data, Brent crude fell 6.23% to $90.75 per barrel, marking an overall decline of $6.03 per barrel.
Similarly, West Texas Intermediate (WTI) crude dropped 6.12% and was trading at $83.84 per barrel.
Meanwhile, Murban crude also witnessed a significant decline, falling 9.44% to $97.05 per barrel.
Market analysts said expectations of a potential U.S.-Iran agreement have raised prospects of increased global oil supply, putting downward pressure on crude prices. Prices of natural gas and gasoline have also continued to decline, driven by changes in global energy demand and supply, as well as broader economic factors.
